Their most popular markets are suburban areas that are 30 minutes from the nearest city center? Sounds like Carlsbad/Encinitas! From Zillow:
- Zillow’s most popular market so far this year is Woodinville, Washington. Burke, Virginia and Highlands Ranch, Colorado round out the top three.
- Every city in Zillow’s latest 10-most-popular-markets list is a suburban area roughly 30 minutes from the nearest city center. Home values are growing faster in each of these suburbs than in the principal cities in their metro areas.
- Remote work is a key reason suburban home values are now growing faster than those in urban areas as home buyers are prioritizing space and affordability over a short commute.
Zillow’s most popular market of early 2022 is Woodinville, Washington, leading a list of fast-growing suburbs as the most in-demand places of the first three months of the year. Following close behind were Burke, Virginia, in the Washington, D.C. area; Highlands Ranch, Colorado, outside of Denver; Westchase, Florida, near Tampa; and Edmonds, Washington, also in the Seattle metro.
The most popular markets so far this year paint a picture of how remote work has changed the U.S. housing landscape. Demand for suburban homes found an extra gear last summer, causing suburban home values to grow faster than home values in urban areas, a reversal from previous norms and from the first 15 months of the pandemic. Remote work is a driving force behind this shift, prompting home buyers to prioritize affordability and space over a short commute.
The suburbs that beat out all others to make the top 10 of Zillow’s most popular markets of Q1 are seeing home values grow faster on a quarterly basis than the principal city in their metro area, indicating stronger demand. Most of them have more expensive homes than their nearest major city, and several are significantly more expensive. Eight of the top 10 have a typical home value higher than their nearby principal city, and seven of those have a typical home value more than $150,000 higher.
Regionally, Havertown, Penn. outside of Philadelphia is Zillow’s most popular market in the Northeast, edging out four Boston suburbs: Billerica, Framingham, Waltham and Arlington. In the central region, Ballwin, Missouri,. is joined in the top five by Grand Rapids, Michigan, and three pricey Dallas suburbs: Coppell, Plano and Prosper. Denver suburbs dominated the mountain region, taking the top eight spots in Zillow’s rankings.
Zillow’s Top 10 Most Popular Markets of Q1 2022
- Woodinville, Washington (Seattle)
- Burke, Virginia (Washington, D.C.)
- Highlands Ranch, Colorado (Denver)
- Westchase, Florida (Tampa)
- Edmonds, Washington (Seattle)
- Yorba Linda, California (Los Angeles)
- Johns Creek, Georgia (Atlanta)
- Tustin, California (Los Angeles)
- Ballwin, Missouri (St. Louis)
- Golden, Colorado (Denver)
In the mid-1980s, about one in five people in America moved annually, most of them within the same county. By 2021, that number had fallen to one in 12.
In the calculus for homeowners, mortgage rates fell to a modern low earlier in the pandemic. With widespread refinancing, four in five mortgage-holders today have an interest rate under 5 percent (half have a rate at 4 percent or lower). Now those bargain rates will have the effect of locking many homeowners in place if interest rates remain elevated after a recent rise.
Tustin? Suburban? 7200 people per square mile. By comparison LA 8300/sq-mi. Carlsbad 3000. San Diego 4300.
I got a 2.35% 30
Around here (north LA suburbs), there is a constant parade of contractor trucks. People are putting in pools, solar panels, HVAC systems, landscaping, new kitchens and painting exteriors. Other than paint, these don’t strike me as things typically done in preparation for sale. It tells me many owners are planning to stay put with their low interest rates and manageable property taxes.
You can’t buy what’s not for sale. And I just don’t foresee a surge of inventory hitting the market, despite the media hype about the coming correction.